Source: Caijing Network2022-04-29 12:13
On April 29, according to Sina Technology, SEC filings show that Tesla CEO Elon Musk has sold value for money in the days after reaching a buyout agreement with Twitter. About $4 billion in Tesla stock.
On Tuesday, Twitter announced that it had reached a definitive agreement with Musk on the acquisition. Musk will buy Twitter for $54.20 a share in cash, a deal expected to close by the end of the year. After the deal, Twitter will become a private company.
Musk made a series of transactions on Tuesday and Wednesday, selling about 4.4 million Tesla shares, the filings show. Most of that was sold on Tuesday, and Tesla shares fell 12% on the day, but edged up again on Wednesday, up less than a percentage point.
Regarding the sell-off, Musk then tweeted: “I have no plans to sell Tesla stock further after today.”
In response, a reporter asked Musk how he would use the proceeds of the sell-off and whether he would sell more Tesla shares after April 27. Musk did not immediately respond to a reporter’s request for comment.
To finance the acquisition of Twitter, Musk announced on Thursday that it had secured $46.5 billion in financing commitments to acquire Twitter. Of that, Musk himself pledged $33.5 billion. In addition, several banks, including Morgan Stanley, agreed to provide another $13 billion in funding.
Musk will have to pay Twitter a $1 billion termination fee if he cannot secure enough funds to complete the Twitter deal, according to a regulatory filing released Tuesday. Meanwhile, if Twitter accepts a takeover offer from Musk’s rival, or if shareholders reject the deal, it would need to pay Musk a $1 billion breakup fee.